MOSCOW (MRC) -- India's Reliance Industries is considering expanding its presence in resources-rich Venezuela with potential participation in more projects in the South American country, reported Hydrocarbonprocessing with refernece to officials from both parties' statement.
Venezuela is looking for Reliance's collaboration on the construction of the USD10 billion Cabruta refinery, development of the Junin 1 bloc in the Orinoco heavy oil belt, as well as an expansion of the Petroanzoategui upgrader facility, said Oil Minister Rafael Ramirez, who also heads state energy company Petroleos de Venezuela, or PdVSA.
Neither side gave specific details on the potential joint ventures and said they expected to define terms of the deals in the upcoming months.
Through an oil supply deal, Venezuela ships around 320,000 bpd of heavy crude to India's Jamnagar refinery. It accounts for about 70% Of Reliance's heavy oil supply and about 12% of India's overall consumption, Mr. Ramirez said.
As MRC wrote previously, Reliance Industries plans to expand capacity at its refineries in the western state of Gujarat. Earlier this year, Reliance unveiled an USD18 billion investment plan for India over the next five years.
Reliance Industries is one of the world"s largest producers of polymers. The company"s polymer production in 2010-11 (polypropylene, polyethylene and polyvinyl chloride) made 4,094 kilo tonnes.
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MOSCOW (MRC) -- Sasol, the world's largest producer of motor fuel from coal, has announced that its wholly owned Sasol Investment subsidiary entered into a definitive sale and share purchase agreement pursuant to which Main Street 1095 Ltd., a South African subsidiary of an Iranian investor, completed the acquisition of 100% of the shares of SPI International (SPII), reported GV.
SPII is the indirect owner of a 50% interest in Arya Sasol Polymer Co., Sasol’s joint venture in Iran with Pars Petrochemical (Assaluyeh, Iran).
As described in Sasol's most recent trading statement, the fair value of Sasol’s investment in Arya was written down to R2.3 billion. This was based on its assessment of the fair value of Arya as well as the accounting requirement to recognise operating profits of approximately R1.6 billion for the second half of the 2013 financial year.
Arya Sasol Polymers operates a 1-million-tpy ethane cracker, a 300,000-tpy low-density polyethylene plant (LDPE) and a 300,000-tpy high-density polyethylene plant (HDPE) in Iran’s Pars Special Economic Energy Zone.
As a result of this transaction, Sasol has no on-going investment in Iran.
As MRC wrote earlier, INEOS Olefins & Polymers USA and Sasol has recently announced the signing of a Memorandum of Understanding (MOU) with the intent to form a joint venture to manufacture high-density polyethylene. The envisioned facility would produce 470,000 tonnes per annum of bimodal HDPE using Innovene S process technology licensed from INEOS Technologies. The intention is to produce a limited number of grades allowing high grade efficiencies.
Sasol Limited is an integrated energy and chemical company based in Johannesburg, South Africa. It develops and commercialises technologies, including synthetic fuels technologies, and produces different liquid fuels, chemicals and electricity.
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